13 Firms Granted GAFI Golden License
CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, said that the golden license is considered a new experiment meant to improve the business climate in Egypt.
The golden license is a single license granted to new investment projects to accelerate the operation, management, and allocation of the necessary facilities and approvals with just a single approval, unlike regular licenses, which require approvals from several departments and much more paperwork.
Golden licenses aim to reduce much of the extended time usually needed to obtain regular permits to start projects, Heiba said in a statement last Tuesday.
Two types of businesses are eligible for the license: those that contribute to sustainable development and those that establish a partnership between the private and public sectors.
The CEO issued the statement after GAFI granted 13 firms the golden licenses.
He said a ceremony occured to grant the companies the golden licenses in line with directives by Prime Minister Moustafa Madbouli.
